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If you make this one tax return mistake, you could end up paying a 200% penalty

by , 10 October 2014
Mistakes on your company's tax return can be fatal.

The bigger the mistake, the greater impact it has on your taxes and the more SARS will demand as punishment.

And if you make this one simple mistake on your tax return, you could end up with serious penalties...

 

Here's what I mean by serious penalties

 
When I talk about serious penalties from SARS, I'm talking up to 200% of the original infringement. So if, for example, you underpay your taxes by R20 000, SARS will charge you 200% of R20 000. 
 
This is a financial loss your company can't afford. That's why it's so important to comply with tax laws and avoid mistakes on your tax return. 
 
You must avoid this mistake at all costs so you don't have to pay a huge SARS penalty.
 
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Avoid this mistake so you don't land up paying 200% SARS penalties

 
Avoid claiming deductions you don't qualify for. 
 
If you insist that SARS owes you money when really it doesn't, it will turn around and punish you with harsh penalties. 
 
Before you try claim anything, double, even triple, check that you're entitled to claim it. (You can check out 47 deductions and allowances for all the information you need to legally claim money back from SARS and ensure you're entitled to do so.)
 
It's a common but avoidable mistake if you simply follow the rules of tax deductions.
 
And if you do claim a tax deduction or allowance, ensure you have the supporting documents to prove your claim so SARS doesn't penalise you for making a false deduction. 
 
For more information on how to avoid SARS penalties, check out the Practical Tax Loose Leaf Service.
 

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